Press Releases

For Immediate Release
Contact: Molly D. Shepard
610.660.6684

NEW LEADER'S EDGE RESEARCH™ ANALYZES CORPORATE "BEST PRACTICES" FOR WOMEN

Bala Cynwyd, Pa.... A new study by The Leader's EdgeT shows that firms identified and commended as "best practices" companies distinguish themselves from other companies by the depth and breadth of their programs. These include comprehensive coaching, creative retention strategies, varied mentoring options and wide-ranging, structured networking programs.

In February 2004, The Leader's Edge completed its new "Corporate Best Practices for Women" research study. "Best practices" are defined as documented strategies employed by highly admired companies to help grow, attract and retain successful women. The study consists of fifty-seven in-depth interviews of Fortune 1000 companies conducted in the fall of 2003. While ninety-two percent of all the companies surveyed reported having some elements of a "best practices" program in place, twenty nine of the companies, or over half, have been commended as "best practices" companies by independent organizations such as Catalyst, Chicago Area Partnerships (CAP), Pathways & Progress and Working Mother Magazine. The study identifies and describes the documented strategies and tactics for all the companies surveyed and also outlines and compares the key elements of the commended "best practices" companies with the program offerings of the other companies.

In "best practices" companies, diversity activities and programs are not independently run by women employees or part of Human Resource programs, but rather are integrated, independently funded, comprehensive programs incorporated into the overall vision and culture of the company.

Key elements emerged within the "best practices" companies' programs including the following:

•  Coaching of women within "best practices" companies is sophisticated and targeted and largely conducted by external consultants. Goals and objectives are established, status is reviewed on a regular basis and high-potential women, who have not yet reached the most senior ranks, are included in the process.

•  Retention strategies for women are focused on creating opportunities and giving women the tools to move up in the organization; specifically, education, training and the required experiences necessary for upward mobility. Flexible work schedules and support networks are offered.

•  "Best practices" companies offer formal and informal corporate-wide mentoring programs usually tied into the leadership developmental process. Independent mentor-matching programs, goals, timelines, action plans and a review process are established up front with many formal programs lasting as long as a year, and continuing on an informal basis. A variety of programs are offered including peer mentoring, mentoring circles and reciprocal mentoring opportunities.

•  Networking programs within "best practices" companies are organized and consistent. Senior women meet regularly in a wide range of networking activities including conferences, lunches, seminars, small group dinners, workshops and panel discussions based on employees' needs and interests.

"Offering comprehensive 'best practices' programs to women are of tremendous value to both women and companies alike," said Molly Shepard, President and CEO of The Leader's Edge. "These programs will help women fully realize the opportunities they have sought for so long. And companies will be able to harvest and reap the benefits of an up-to-now underdeveloped talent pool in an increasingly competitive marketplace".

The Leader's Edge is an organization dedicated to the leadership development and advancement of high level executive women. The Leader's Edge ResearchT division has fully analyzed the data for this study and has compiled a summary report. For further information on the current study as well as past research studies, please contact The Leader's Edge at 610.660.6684 or visit us as www.the-leaders-edge.com

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